Just an hour before Robert Reffkin had to update investors about Compass’ third-quarter results – a quarter in which the brokerage lost $154 million and its revenue fell 14 percent year-over-year – he appeared on stage with The Real Deal to discuss his company’s financial health and his approach to agents, rivals and investors.
Reffkin addressed the fact that Compass’ market cap was several hundreds of millions of dollars under what the company had raised from investors, by saying that “the world has shifted overnight.”
“We went from investors saying, ‘I want companies to grow, grow, grow, grow’ – and we did what they wanted – and now investors want you to focus on profit, and so we’re shifting,”
“Every day of the last 10 years we’ve had competitors leading with negative narratives,” Reffkin said. “This industry is full of a level of vitriol and negativity that I’ve never seen.”
Watch the video above for the full conversation with Reffkin. And see more highlights from the event.